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Intellectual Property and the Knowledge Economy

In: Other Topics

Submitted By t3dd
Words 1962
Pages 8
‘Knowledge economy’, is an economy that creates, manages and uses knowledge for growth.

Intellectual property embraces the results of human creative endeavors including literary and artistic works, performances of performing artists, sound recordings, broadcasts, inventions, industrial designs, trademarks and service marks, protection against unfair competition, undisclosed information, geographical indications, layout designs of integrated circuits and new varieties of plants.
The law of intellectual property recognizes and protects, among other things, the rights of the creators encouraging them to further their creative efforts and facilitating the dissemination and application of the results of creative efforts for the benefit of both creators and society as a whole.
The areas such as promotion of national creativity, protection and management of the results of creativity, facilitation of transfer and management of technology, attraction of investment, enhancement of R&D activities, development of human resources and stimulation of entrepreneurship are some of the essential components of an environment conducive to a knowledge economy. Intellectual property which concerns creation, management and protection of knowledge can greatly contribute to developing and maintaining such an environment.The economic dynamism of intellectual property is multi-faceted.
A few of them may be briefly highlighted as follows.

Incentive for inventiveness
It is the human experience that the nations which are creative and innovative have better chances of spurring the economic growth. The creation of knowledge is an indispensable component in any economy. Intellectual property is always active as an incentive for creativeness and innovativeness. The law of patents, for example, operates as an incentive for inventiveness by recognizing and providing material benefits to

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